How Beanie Baby Peanut the Elephant is Worth $7,000

Peanut the Elephant

When Ty Warner began creating Beanie Babies, plush toy animals filled with beans, in his suburban Chicago condo in the mid 1990s, he was on to something. The veteran toy salesman knew that he could make money and create something rare. He only sold a limited number of the first Beanie Babies and quickly retired them. A group Chicago area soccer moms picked up quickly on the idea that the $5 investment would turn into hundreds if not thousands of dollars in profit. The royal blue first edition Peanut the Elephant was one of the original Beanie Babies and is worth as much as $7,000 today. Here is how the Beanie Baby Peanut the Elephant is worth $7,000.

Ty Warner

H. Ty Warner was born in Chicago, Illinois in 1944 and grew up with his parents and sister in a Chicago suburb. After graduating from college, Warner, an aspiring actor, headed to Hollywood. When his dreams didn’t pan out, he returned to Chicago and joined his father as a sales representative for the toy company Dakin. Warner spent eighteen years with the company and was often considered eccentric. He did this to draw attention to himself while on sales calls so he could get in to see the buyers.

In 1980 Warner left Dakin and visited friends in Italy. It was there that Warner noticed the variety of plush toys that kids played with. When he returned to Chicago, Warner began building a stuffed toy company out of his suburban Chicago condo. He first created a line of collectible stuffed bears that were released annually. Warner began developing the idea for Beanie Babies in the early 1990’s. Instead of using traditional stuffing, he designed his toy animals using beans. He deliberately under stuffed them to make them more pliable for play and to make them more lifelike. He also added special generation swing and tush tags. Poems were added to some of the tags which made the toys more endearing.

Maybe sensing the possibilities of attracting collectors, Ty Warner sold the toys to small independent toy companies. Some of the first Beanie Babies, like Peanut the Elephant, were retired early. This may have been a calculated move by Warner. When the Beanie Baby collectors craze began, the toys really started to sell. Warner kept the supply limited, increasing the value of the stuffed animals. By 1998 Ty, Inc. sold over $1.4 billion in Beanie Babies.

The original Peanut the Elephant

The first generation Peanut the Elephant Beanie Baby was released on June 3, 1995. This is one of the original nine Beanie Babies sold in the first year of Ty, Inc. The royal blue plush elephant features white on its ears. There were about 2,000 produced. Peanut features the red and white heart Ty, Inc. first-generation swing tag hanging from his right ear and featuring a poem in his honor:

  • Peanut the elephant walks on tip-toes
  • Quietly sneaking wherever she goes
  • She’ll sneak up on you and a hug
  • You will get
  • Peanut is a friend you won’t soon forget!
  • Peanut’s tush tag is black and white as all of the original Beanie Babies had.

Some believe there was a factory error with Peanut the Elephant and he wasn’t supposed to be royal blue. It may just be that Ty Warner wasn’t happy with Peanut’s sales. His ex-girlfriend and business partner Patricia Roche suggested a baby blue elephant would sell better. The original Peanut the Elephant was quickly retired on October 2, 1995 and from thereon baby blue Peanuts were manufactured. The quick retirement and distinct color of the original Peanut the Elephant makes him one of the rarest Beanie Babies and one of the most sought after by collectors hoping to make a profit from his resale. The famous royal blue elephant was later released as a “Teenie Baby” with McDonald’s Happy Meals in 1998. Peanut even had a song named for him released by The Gigglebellies.

The Beanie Baby Craze

While the original Beanie Babies became a collecting craze, many would say that Peanut the Elephant kicked the “Beanie Craze” off. When four suburban Chicago soccer moms noticed that the original Beanie Babies were only sold in small independent toy stores, only six at a time and were quickly retired, they realized the value that these original collections could have. The women called toy shops all over the country to see if they had particular Beanie Babies for sale. Soon people all over the country were searching for rare Beanie Babies to add to their collections and sell for a profit.

Beanie Babies didn’t need advertising. Word of mouth is what spread the trend. Soon, articles were written in collecting magazines. Peggy Gallagher, one of the original collectors wrote an article for “Rosie’s Collectors’ Bulletin” in 1996 noting that Peanut the Elephant was the rarest Beanie Baby. Gallagher even offered a price guide for the original Beanie Babies’ values. News of Beanie Babies spread. In 1997 a dad from New Jersey published a price guide “The Beanie Baby Handbook” which sold over a million copies. In it, he listed the value of Peanut the Elephant at $4,000 and predicted that Peanut the Elephant would be worth at $7,000 within ten years.

Peanut’s Value

A little over two decades since the release and retirement of Peanut the Elephant, the dad from New Jersey’s prediction holds true. An authentic Peanut the Elephant is valued from $2,000 to $7,000. For an original owner, that $5 investment in 1995 paid off well.

Collectors of Peanut the Elephant must be careful he is authentic and not a counterfeit. As the Beanie Baby craze took off, many counterfeits were made. The counterfeits are smaller with a shorter trunk and longer nape. The fabric on a counterfeit Peanut will be rough and the ears not smoothly sewn on. The tush tag should be printed in black and white, as all of the original Beanie Babies’ were and the copyright should read 1995.


Add Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Zsolt Felcsuti
The 10 Richest People in Hungary
Aprea
20 Things You Didn’t Know About Aprea Therapeutics
Leon Black
20 Things You Didn’t Know About Leon Black
Brian Higgins
20 Things You Didn’t Know About Brian Higgins
Portfolio
The Top 10 Mutual Funds by 10 Year Performance
Navy Federal Credit Card
The 10 Best Credit Cards for Military Members
cryptocurrency
The 10 Most Valuable Cryptocurrencies in the World
The 10 Best Credit Cards for Small Businesses
solar panels
The Five Best Solar Panel Companies Based on Efficiency
airpods
Why Are AirPods So Expensive? Here’s The Answer
Computer Virus
The 10 Worst Computer Viruses of All-Time
printer ink
Why is Printer Ink So Expensive? Here’s the Answer
Florida U.S. 1
The 20 Worst Roads in America in 2019
The Top 10 Golf Courses in Orlando, Florida
Why The Private Suite at LAX is the Ultimate Airport Experience
THE PHOENICIAN GOLF CLUB
The Top 10 Golf Courses in Scottsdale, Arizona
Ferrari Testarossa
10 Best Ferrari Testarossa Models of All-Time
1982 Porsche 944
The Five Best Porsche 944 Models of All-Time
Ferrari Portofino
10 Things You’ll Love About the Ferrari Portofino
Porsche Cayman Models
The 10 Best Porsche Cayman Models of All-Time
A Closer Look at the Hublot Bigger Bang
IWC Big Pilot's Watch Constant-Force Tourbillon Edition Le Petit Prince
A Closer Look at the IWC Big Pilot’s Watch Constant-Force Tourbillon Edition Le Petit Prince
A Closer Look at the Jaeger-LeCoultre Master Ultra Thin Tourbillon
Time Traveling: The Hublot Classic Fusion Zirconium